Demand Turns the Corner in Central & South America
Demand has returned to key Central and South American destination during the first two months of this year, according to data from STR Global, the leading provider of market information for the worlds hotel industry.
Improvement in hotel demand, in terms of occupancy, tends to precede changes in average daily rate (ADR). This is good news for the region’s hoteliers who shared tough market conditions during the last year as the global recession, the H1N1 (swine flu) virus and the recent Chilean earthquake dominated the headlines.
“We are predicting a year of recovery rather than growth”, said Elizabeth Randall, managing director of STR Global. “This is especially true for Brazil, which is ramping up for the 2014 FIFA World Cup and the 2016 Olympics and Paralympics.”
Rio de Janeiro, Brazil, was the only city of the seven reviewed cities to report monthly demand growth last year. Buenos Aires, Argentina (October 2009), Mexico City, Mexico (November 2009), and Sao Paulo, Brazil (December 2009), started to report demand growth during the last quarter of 2009. Panama City, Panama, San Jose, Costa Rica, and Santiago, Chile, saw demand improving only during the first two months this year.
